The growth of the global satellite market can be attributed to the increasing adoption of CubeSats as they offer advanced functionalities such as automated data gathering, warning systems, and enhanced imaging capabilities. These functions assist scientists in performing space exploration and earth monitoring activities with precision and safety. Furthermore, increasing investments by various governments in space projects are propelling the market growth. However, the rigid design structure of satellites is expected to hamper the market growth as the new players, planning to enter the satellite market, do not possess the required technology for manufacturing the specific satellites.
The global satellite market has been segmented based on type, application, end user, and region.
On the basis of type, the global satellite market has been divided into nanosatellite, micro satellite, mini satellite, and large satellite. The nanosatellite segment is expected to account for the largest market share and register the highest CAGR during the forecast period of 2019 to 2024. Nanosatellites weigh less than 1.33 kgs per unit and assist in various activities, such as space research and earth observation. These lightweight satellites offer various benefits such as easy construction of satellites and cost-effectiveness.
By application, the global satellite market has been categorized as earth observation and remote sensing, scientific research, communication, direct broadcast, mapping and navigation, weather forecasting, and surveillance and security. The communication segment dominated the market in 2018. However, the earth observation and remote sensing segment is expected to be the fastest-growing during the forecast period. Satellites such as Aeolus manufactured by the aeronautics company, Airbus SAS offers capabilities such as Doppler wind LiDAR that assists in accurately measuring global wind patterns from space.
On the basis of end user, the global satellite market has been bifurcated into military and defense and commercial. The commercial segment is expected to account for the larger market share and register the higher CAGR during the forecast period of 2019 to 2024 owing to the growth in the telecommunication industry.
The key players in the global satellite market are Airbus SAS (Netherlands), Ball Corporation (US), Lockheed Martin Corporation (US), Eutelsat Communications SA (France), Intelsat (Luxembourg), Boeing (US), Northrop Grumman Corporation (US), SES SA (Luxembourg), Space Exploration Technologies Corp (US), Space Systems/Loral, LLC (US), Thales Group (France), Viasat, Inc. (US), Israel Aerospace Industries Ltd (Israel), and Safran (France).
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